Electric Off-Road Vehicles Market Size By Vehicle (ATV, SSV/UTV, Off-Road Motorcycles), By Application (Utility, Sports, Recreation, Military), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Apr 2021  |  Report ID: GMI5050  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 170   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Electric Off-Road Vehicles Market size exceeded USD 115 million in 2020 and is anticipated to grow at a CAGR of over 10% between 2021 and 2027. Growing demand for environmentally friendly and zero-emission off-road vehicles across the globe is likely to drive industry growth.
 

Electric off-road vehicles include all-terrain vehicles (ATV), side-by-side/utility vehicles (SSV/UTV), and off-road motorcycles that are fully battery operated. These vehicles are witnessing rapid growth in the market representation as they are highly eco-friendly and do not release any harmful emissions. The amplifying market demand for electric off-road vehicles from millennial population is supporting the industry growth.
 

Electric Off-Road Vehicles Market

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Growing participation in off-road leisure activities along with the rising demand for ATVs and UTVs among youngsters is driving the electric off-road vehicles market. According to the 2020 industry analysis report by the Outdoor Industry Association, over half of the U.S. population aged six and above participated in at least one outdoor recreational activity in 2019.
 

The companies are capitalizing on lucrative market opportunities to launch new products and gain a competitive advantage. For instance, in March 2021, Polaris, Inc. launched the 2021 model of its electric UTV, Ranger EV. Similarly, in March 2021, BRP Group announced its plans to introduce electric off-road vehicles and power sports models by 2026. The company is set to invest USD 300 million over the coming years to electrify its product line. It is focusing on developing its Rotax electric powerpack technology for electric off-road vehicles, further contributing to the market size through 2027.
 

One of the key restraints to the industry growth is the environmental damage caused by electric off-road vehicles. As per the U.S. Department of Transportation, the vehicles cause loss of original ground cover by around 60%. ATV & UTV churn up the soil, damage the root system, and accelerate soil erosion, increasing sedimentation in waterways. Diesel and gasoline powered off-road vehicles also create loud noise, disturbing wildlife and the surrounding ecosystem. However, the introduction of silent electric off-road vehicles will mitigate the impact of this restraint and assist the market to grow.
 

The electric off-road vehicle industry witnessed growth during the second half of 2020. The outbreak of COVID-19 pandemic resulted in demand losses for market players between February and March 2020. However, with gradual lifting of lockdown restrictions in North America and Europe, participation in recreational activities witnessed growth. Shifting consumer preferences toward off-road recreational activities in solitary wilderness areas and off-road recreational parks aided in stabilizing the market size.
 

Versatile scope of application will drive the electric UTV segment

The electric UTV segment is poised to grow on account of the versatile application of these off-road electric vehicles. The North America UTV segment holds around 60% market share in 2020. Electric UTVs are witnessing a high market representation in several application areas including agriculture, forestry, and goods transfer.
 

Electric UTVs offer lower operating costs for transporting goods over short distances and capability to work in harsh environments efficiently, fueling the market demand. Several regulatory bodies are providing operational training courses to forest service employees to ensure safe and responsible driving. Moreover, innovations, such as electronic braking distribution and regenerative braking, will support the electric off-road vehicles market growth through 2027.
 

Growing youth participation in outdoor activities will propel the recreation segment

Europe Electric Off-Road Vehicles Market

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The Europe recreation segment is anticipated to witness rapid growth with around 10% CAGR from 2021 to 2027 owing to the growing participation and increasing spending of young adults on outdoor recreational activities including off-roading, hunting, and dirt biking. The growing support of government authorities toward the travel & tourism sector will increase consumer participation in recreational activities.  
 

Emergence of new players will augment the market revenue in North America

North America Electric Off-Road Vehicles Market

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The electric off-road vehicles market in North America was valued at USD 55 million in 2020. In 2020, about 7,000 units of electric off-road vehicles were sold in North America. The high regional market share can be attributed to the presence of several established market players including Polaris, Inc., Deere & Company, Zero Motorcycles, and KTM AG. The market statistics are also influenced by the emergence of new players in the electric off-road vehicles category. For instance, in October 2020, Volcon ePowersports launched its business operations with its plans to introduce two- and four wheeled electric off-road vehicles.
 

The U.S. is characterized by the presence of rocky mountain ranges, extensive forest cover, and year-round mild temperatures, making it ideal for outdoor recreational activities including UTV and ATV riding. Electric off-road vehicle enthusiasts in the region are increasingly participating in recreational activities due to the presence of challenging trails and a wide variety of terrains such as grasslands, deserts, water crossings, and mud pits, further driving the electric off-road vehicles market.
 

High focus of market players on new product launches

Market leaders are emphasizing on launching new models of electric off-road vehicles to gain a competitive market share. For instance, in March 2019, DRR USA launched its Stealth Electric ATV. This high capacity model of electric off-road vehicles is developed for environmentalists, rescue personnel, and off-road enthusiasts. The ATV is integrated with a 72V, 4kWh battery, which gives it a top speed of 56km per hour. The ATV takes six hours to charge to its full capacity.
 

The established electric off-road vehicles industry players, such as Honda Motors and CF Moto, are planning to enter the market. In November 2019, CF Moto launched its concept model of electric ATV, Evolution A. The company plans to begin full-scale production and sales of the electric off-road vehicle model over the next four years, enhancing the market revenues.
 

The prominent electric off-road vehicles market players include Alke S.r.l, Daymak, Inc., DRR USA, Ecocharger Quad Bikes, HISUN Motors, KTM AG, Massimo Motors, Electric Motion, Polaris, Inc., TACITA S.r.l, Zero Motorcycles, and Jiangsu Linhai Power Machinery Group Corp.
 

This market research report on electric off-road vehicles includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 for the following segments:

Market, By Vehicle:

  • ATV
  • SSV/UTV
  • Off-Road Motorcycles

Market, By Application:

  • Utility
  • Sports
  • Recreation
  • Military

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Frequently Asked Questions (FAQ) :

The electric off-road vehicles industry size surpassed USD 115 million in 2020 and will expand at a CAGR of 10% from 2021 and 2027.
Electric UTV vehicles in North America accounted for nearly 60% of the overall market revenue in 2020 and will grow with increasing product demand across various applications comprising goods transfer, forestry, and agriculture.
North America electric vehicles industry recorded a revenue of USD 55 million in 2020 and will grow due to the presence of several established market players in the region.
Europe recreation will expand at a CAGR of 10% between 2021 and 2027 owing to the rising spending of young adults on outdoor recreational activities such as hunting, off-roading, and dirt biking.

Premium Report Details

  • Published Date: Apr 2021
  • Pages: 170
  • Tables: 215
  • Charts / Figures: 20
  • Companies covered: 14
  • Countries covered: 16

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